Akeso, Inc.

SEHK:9926 Stock Report

Market Cap: HK$57.5b

Akeso Valuation

Is 9926 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 9926 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9926 (HK$70.35) is trading below our estimate of fair value (HK$130.06)

Significantly Below Fair Value: 9926 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9926?

Key metric: As 9926 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 9926. This is calculated by dividing 9926's market cap by their current revenue.
What is 9926's PS Ratio?
PS Ratio31.3x
SalesCN¥1.87b
Market CapCN¥53.53b

Price to Sales Ratio vs Peers

How does 9926's PS Ratio compare to its peers?

The above table shows the PS ratio for 9926 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average10.6x
1801 Innovent Biologics
7.9x22.1%HK$58.8b
6855 Ascentage Pharma Group International
13.5x25.8%HK$12.8b
2696 Shanghai Henlius Biotech
1.8x10.4%HK$11.0b
6990 Sichuan Kelun-Biotech Biopharmaceutical
19x24.2%HK$35.3b
9926 Akeso
31.3x33.4%HK$57.5b

Price-To-Sales vs Peers: 9926 is expensive based on its Price-To-Sales Ratio (31.3x) compared to the peer average (10.6x).

Price to Sales Ratio vs Industry

How does 9926's PS Ratio compare vs other companies in the HK Biotechs Industry?

14 CompaniesPrice / SalesEstimated GrowthMarket Cap
6826 Shanghai Haohai Biological Technology
2.2x11.8%US$1.89b
1530 3SBio
1.5x9.3%US$1.74b
2696 Shanghai Henlius Biotech
1.8x10.4%US$1.42b
775 CK Life Sciences Int'l. (Holdings)
0.8xn/aUS$549.54m
9926 31.3xIndustry Avg. 11.5xNo. of Companies14PS01632486480+
14 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 9926 is expensive based on its Price-To-Sales Ratio (31.3x) compared to the Hong Kong Biotechs industry average (11.5x).

Price to Sales Ratio vs Fair Ratio

What is 9926's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

9926 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio31.3x
Fair PS Ratio13.1x

Price-To-Sales vs Fair Ratio: 9926 is expensive based on its Price-To-Sales Ratio (31.3x) compared to the estimated Fair Price-To-Sales Ratio (13.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 9926 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentHK$70.35
HK$72.16
+2.6%
15.6%HK$101.59HK$57.72n/a20
Nov ’25HK$68.20
HK$72.32
+6.0%
15.0%HK$102.09HK$58.62n/a20
Oct ’25HK$68.60
HK$66.10
-3.6%
9.0%HK$78.94HK$55.11n/a20
Sep ’25HK$49.10
HK$60.88
+24.0%
10.1%HK$69.79HK$46.26n/a20
Aug ’25HK$42.20
HK$59.41
+40.8%
10.1%HK$68.88HK$46.03n/a20
Jul ’25HK$37.75
HK$59.27
+57.0%
9.2%HK$68.82HK$46.78n/a19
Jun ’25HK$44.00
HK$59.42
+35.0%
9.1%HK$68.80HK$47.00n/a18
May ’25HK$48.15
HK$59.94
+24.5%
8.7%HK$68.69HK$49.46n/a18
Apr ’25HK$46.65
HK$59.81
+28.2%
9.3%HK$68.69HK$49.62n/a18
Mar ’25HK$46.70
HK$56.09
+20.1%
9.0%HK$65.98HK$49.00n/a18
Feb ’25HK$41.45
HK$55.40
+33.7%
12.6%HK$66.38HK$35.94n/a18
Jan ’25HK$46.40
HK$54.91
+18.3%
11.5%HK$66.73HK$36.36n/a18
Dec ’24HK$48.50
HK$55.09
+13.6%
11.7%HK$66.54HK$36.08n/a17
Nov ’24HK$43.95
HK$53.68
+22.1%
11.3%HK$64.92HK$35.97HK$68.2017
Oct ’24HK$36.00
HK$54.07
+50.2%
11.3%HK$64.97HK$35.93HK$68.6018
Sep ’24HK$34.45
HK$54.62
+58.6%
10.9%HK$61.61HK$36.11HK$49.1017
Aug ’24HK$42.40
HK$54.93
+29.5%
12.7%HK$61.89HK$31.87HK$42.2017
Jul ’24HK$35.35
HK$54.58
+54.4%
13.1%HK$62.18HK$32.02HK$37.7515
Jun ’24HK$35.40
HK$55.08
+55.6%
13.0%HK$63.08HK$31.05HK$44.0017
May ’24HK$42.85
HK$56.13
+31.0%
12.7%HK$64.74HK$31.87HK$48.1517
Apr ’24HK$40.40
HK$56.46
+39.7%
12.7%HK$65.11HK$32.05HK$46.6517
Mar ’24HK$41.50
HK$52.94
+27.6%
16.2%HK$64.06HK$31.58HK$46.7015
Feb ’24HK$49.00
HK$52.86
+7.9%
16.7%HK$65.30HK$32.19HK$41.4514
Jan ’24HK$43.00
HK$43.27
+0.6%
23.2%HK$62.83HK$27.20HK$46.4015
Dec ’23HK$33.75
HK$34.46
+2.1%
20.3%HK$54.47HK$26.41HK$48.5014
Nov ’23HK$31.10
HK$32.70
+5.1%
17.5%HK$48.63HK$26.18HK$43.9512

Analyst Forecast: Target price is less than 20% higher than the current share price.

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